Despite facing a ₦1.2 trillion fraud scandal that affected over 600,000 Nigerians, digital trading platform Crypto Bridge Exchange has resumed operations and is now asking previous investors to pay more money to recover their funds.
CBEX had promised investors a 100% return in 30 days using Artificial Intelligence for trading. But the platform collapsed on April 14, 2025, wiping out investors’ funds. It is still under investigation by the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC).
Now, the platform has reopened and says an audit is ongoing by a UK-based insurance firm to check how much money was really lost. It claims withdrawals will be allowed from June 25, 2025.
A trader who spoke to The PUNCH said, “People can now withdraw from the CBEX platform. The old account was wiped… but now, promoters say the platform is insured. If you had $1,000, you need to add $100. If you had more than $1,000, you have to add $200 to restore your account.”
He also explained that until June 25, only trading is allowed for old accounts, not withdrawals. From that date, up to 50% of the capital can be withdrawn, and the rest by August 25—if users complete the verification process.
Despite warnings, new users are signing up. New accounts are not under audit and can trade and withdraw profits freely. Referral bonuses are also being paid instantly.
Another source said, “Fresh investors can register a new account, fund it, and withdraw their profit. The new accounts are not under audit. What they are auditing are the old accounts.”
CBEX promoters deny any fraud and say the money loss was due to a failed AI trade. They claim only ₦126 billion was lost, not ₦1.2 trillion as reported.
An admin named Laura, posting in a CBEX Telegram group, told users that the problem came from an external cyberattack, not from the platform itself. She said, “The AI was attacked… This was not done by an individual. It was a well-organised action.”
She added that many users are now receiving compensation through an insurance company linked to a UK firm.
The EFCC has declared several people wanted over the case, including eight Nigerians and a foreigner, Elie Bitar. On Monday, one of the main promoters, Adefowora Abiodun, reported himself to the EFCC.
Meanwhile, the Director-General of SEC, Dr Emomotimi Agama, has reminded Nigerians that registration with the Corporate Affairs Commission or the EFCC’s Special Control Unit Against Money Laundering does not mean a platform is approved by SEC.
“CAC registration and EFCC certificate is not enough to show that a company is registered with SEC. These are red flags Nigerians must look out for,” Agama said.
He warned that anyone involved in Ponzi schemes now risks a ₦20 million fine and up to 10 years in jail, under the new Investments and Securities Act.
“The government won’t sit and watch Nigerians being defrauded. If it’s too good to be true, then it is likely fraudulent,” he added.
Despite all the warnings, many Nigerians are still hoping to recover their lost funds through CBEX’s new plans, while others continue to invest in the risky scheme.
